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Sunday, August 6, 2017

DINAR IRAQ & DONG VIETNAM UPDATE, 6 AUGUST

It’s in their parliament. The justification report to get to that stage was it needs to get to $1.13 before that so they can stage the economy correctly so they can get to the $3 rate again.
This report was put out by parliament, the whole idea behind it was the justification for an exchange rate adjustment.
So it’s staged and the four stages are:
1. Putting U.S. dollars into the Iraqi economy so the people have a solid currency.
2. Reestablish their currency [The dinar].
3. Through that currency and through the exchange rate reestablish their economy and get their economy to a $1.13 or around a dollar.
4. And then from $1.13 they can get to to the $3 range.
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Efforts to increase citizen confidence .. Central Bank announces a plan to increase the number of foreign banks in Iraq Al-Alak said in a press interview that “the number of foreign banks, including Arab, has increased during the past two years, to currently reach 18 banks, and the number of foreign banks, After the number did not exceed 11 banks, “stressing that” these steps were conducted in coordination with the World Bank and most of these banks is solid and has branches in most of the world. ” He added that “branches of foreign banks can not be required to new rules, since the bank has one capital for the branch or the original, which applies to our banks in Iraq and neighboring countries, and falls under the policy of reciprocity with the countries of the world, International law “. 
He pointed out that some Arab and foreign banks have an “international classification”, pointing out that “our assessment of banks is a calendar in terms of compliance and combating money laundering for the purpose of buying the dollar, which is limited in the window selling the dollar.” And on the new Islamic banks that were established with a capital of 100 billion dinars, he pointed out that “part of these banks completed 250 billion dinars in the increase of capital before the end of three years, and began to scrutinize the same as all private banks, to ensure that the capital in the central bank As collateral for deposits of customers with them, and even the subject of classification, we granted foreign advanced ratings unlike local. 
” It is noteworthy that Iraq has 140 banking and financial institutions, including 6 government and 24 civil and 16 Islamic, in addition to the presence of 63 financial companies and conversion companies and financial investment companies 60 percent, Arab and foreign. The Iraqi banking system is currently composed of 54 banks, of which 7 government banks, one of which is a newly established Islamic. There are 23 private commercial banks, of which 9 are Islamic banks.
 There are also 15 branches of foreign banks. In addition, there are many institutions that conduct financial business, including 34 financial transfer companies, and about 200 exchange companies belonging to banks or deal with them. In addition to a loan guarantee company and a company to finance small and medium enterprises. 

About 800 private and public banks operate in all governorates of Iraq. The member of the administrative board of the Association of Iraqi banks, private Abdul Aziz al-Hassoun, the reach of the capital of private banks, and the expansion of its network in Iraq. “The sum of the capital of Iraqi private banks has increased from 30 million dollars in 2004 to one billion and 600 million dollars currently, except for the branches of Arab and foreign banks operating in Iraq. The number of private banks operating in Iraq, Iraq rose from 17 banks in 2004 to 31 banks. While the number of branches of private banks in Baghdad and other provinces from 100 branches to more than 600 branches, to compete in the number and level of services branches of the Rafidain Bank and the government. “Private banks have preceded government banks in the level of services and the use of modern technologies.” 
Al-Hassoun pointed out that this progress has been achieved “through the pursuit of information technology and modern banking programs, and private banks have linked their branches to public administrations, through modern communications devices to increase the speed of banking transactions on the one hand and to increase control on the other.”

 Al-Zahar pointed out that “the Iraqi banks that practice Islamic banking have recently undergone some development. The number of Islamic banks increased from one bank in 1993 to eight Islamic banks, with a special law soon to be issued. On the size of bank deposits in the country, Undersecretary of Finance Fadhel Nabi told (the extent) that the volume of bank deposits in Iraq amounted to about 71 trillion dinars. It shows that “51 trillion dinars of the size of these deposits are government, that is funds belonging to the state, and about 20 trillion dinars are any civil deposits of the citizen.” “Ninety percent of bank deposits are in government banks and the rest are in private banks,” Nabi said. 

The prophet justified the lack of deposits in private banks to “the loss of confidence of the government and citizens of those banks, because of the crises experienced by some of them bankruptcy, embezzlement and others.” Nabi confirms that there is a proposal submitted by the Ministry and a number of specialists and experts to the State Shura Council since 2009, which stipulates the need to establish a national contribution company to insure deposits in private banks. And stresses the importance of moving this proposal so that citizens and government institutions the motivation to put their deposits in these banks. Source

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